{"id":3235,"date":"2022-01-11T14:52:58","date_gmt":"2022-01-11T14:52:58","guid":{"rendered":"https:\/\/tysllp.com\/?p=3235"},"modified":"2023-02-13T21:00:15","modified_gmt":"2023-02-13T21:00:15","slug":"tips-for-preparing-your-tax-return","status":"publish","type":"post","link":"https:\/\/tysllp.com\/tips-for-preparing-your-tax-return\/","title":{"rendered":"Tips for preparing your tax return"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Now that the holidays are in the rearview mirror and it is the start of a new year, it&#8217;s time to think about getting ready for filing your tax returns. Gathering and organizing your records in order to file your taxes could be one of the nicest things you do for yourself (and your accountant). Taxpayers should gather all year-end income documents before filing a 2022 tax return. Don\u2019t wait to get this done, lower your anxiety and prepare now to avoid processing delays that may slow your refund.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Keeping things clear and accurate starts by having all the necessary documents before starting to prepare your return yourself or with the help of a trusted tax accountant.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This helps in the filing of a complete and accurate tax return. Here are some things taxpayers need to have before they begin doing their taxes or getting a trusted tax accountant to work with them.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Make sure you have all the Social Security numbers of everyone listed on the tax return<\/span><b>.<\/b><span style=\"font-weight: 400;\"> Many taxpayers have these numbers memorized and sometimes our memory isn\u2019t a reliable source. it&#8217;s a good idea to have them on hand to double check that the numbers on the tax return are correct. An SSN with one number wrong or two numbers switched will cause processing delays.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Bank account and routing numbers. People will need these for direct deposit refunds. <\/span><a href=\"https:\/\/www.irs.gov\/refunds\/get-your-refund-faster-tell-irs-to-direct-deposit-your-refund-to-one-two-or-three-accounts\"><span style=\"font-weight: 400;\">Direct deposit<\/span><\/a><span style=\"font-weight: 400;\"> is the fastest way for taxpayers to get their money and avoids a check getting lost, stolen or returned to IRS as undeliverable.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Don&#8217;t have a bank account?<\/span> <span style=\"font-weight: 400;\">Learn how to open an account at an <\/span><a href=\"https:\/\/www.fdic.gov\/getbanked\/\"><span style=\"font-weight: 400;\">FDIC-insured bank<\/span><\/a><span style=\"font-weight: 400;\"> or through the <\/span><a href=\"https:\/\/www.mycreditunion.gov\/about-credit-unions\/credit-union-locator\"><span style=\"font-weight: 400;\">National Credit Union Locator Tool<\/span><\/a><span style=\"font-weight: 400;\">. Veterans can access the <\/span><a href=\"https:\/\/www.benefits.va.gov\/benefits\/banking.asp\"><span style=\"font-weight: 400;\">Veterans Benefits Banking Program<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Forms W-2 from employer(s).<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Forms 1099 from banks, issuing agencies and other payers including unemployment compensation, dividends, distributions from a pension, annuity or retirement plan.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Form 1099-K, 1099-MISC, W-2 or other income statement for workers in the gig economy.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Form 1099-INT for interest received.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Other income documents and records of virtual currency transactions.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><a href=\"https:\/\/www.irs.gov\/forms-pubs\/about-form-1095-a\"><span style=\"font-weight: 400;\">Form 1095-A, Health Insurance Marketplace Statement<\/span><\/a><span style=\"font-weight: 400;\">. Taxpayers will need this form to reconcile advance payments or claim the premium tax credit.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Forms usually start arriving by mail or are available online from employers and financial institutions in January. Taxpayers should review them carefully. If any information shown on the forms is inaccurate, the taxpayer should contact the payer ASAP for a correction.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you don\u2019t plan on doing your taxes yourself and need a Tax Accountant, contact us today. The TYS team are <\/span><a href=\"https:\/\/tysllp.com\/contact-us\/\"><span style=\"font-weight: 400;\">Your Trusted Business Advisors and Accountants<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Now that the holidays are in the rearview mirror and it is the start of a new year, it&#8217;s time to think about getting ready for filing your tax returns. Gathering and organizing your records in order to file your taxes could be one of the nicest things you do for yourself (and your accountant). Taxpayers should gather all year-end &#8230; <a href=\"https:\/\/tysllp.com\/tips-for-preparing-your-tax-return\/\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":1,"featured_media":3239,"comment_status":"closed","ping_status":"open","sticky":true,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[9],"tags":[1230,1226,1231],"class_list":["post-3235","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tax-accounting","tag-tax-filing-prep-in-rochester-ny","tag-tax-tips","tag-walnut-creek"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.7 (Yoast SEO v26.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Tips for preparing your tax return<\/title>\n<meta name=\"description\" content=\"Here are some tips on preparing your tax return &amp; getting a jump on it. 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